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Nuveen Maryland Dividend Advantage Municipal Fund 3 Issues At-Par Redemption Notice for Auction-Rate Preferred Securities

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^{Published in Business and Finance on Monday, January 24th 2011 at 14:20 GMT by Market Wire}  

CHICAGO--([ BUSINESS WIRE ])--Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that Nuveen Maryland Dividend Advantage Municipal Fund 3 (AMEX: NWI) called for redemption at par all of its outstanding auction-rate preferred securities (ARPS). The funda™s Board of Trustees has approved this redemption, which totals $14.825 million and will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NWI is redeeming all of its $14.825 million of currently outstanding ARPS.

For more information about Nuveen closed-end funds, visit [ www.nuveen.com/cef ]. ARPS information and updates are posted on Nuveena™s auction-rate preferred resource center at [ www.nuveen.com/arps ].

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, Nuveen Investments managed approximately $195 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at [ www.nuveen.com ].